“Rakesh Khurana, an associate professor at Harvard Business School... is publishing a critique of business schools' evolution over the past 50 years. His book, ‘From Higher Aims to Hired Hands,’ argues that famous B-schools, including Harvard, have lost track of their original mission to produce far-sighted leaders who can help the economy run better.

“As Prof. Khurana sees it, M.B.A. training has deteriorated into a race to steer students into high-paying... jobs without caring about the graduates' broader roles in society. 'The logic of stewardship has disappeared,' he says. Panoramic, long-term thinking has given way to an almost grotesque obsession with maximizing shareholder value over increasingly brief spans…

“For his part, Prof. Khurana would like to see business schools take much more aggressive steps to mend their ways. He is impressed by the ways that law and medical schools certify graduates' knowledge and require lifelong continuing education. Perhaps business schools should do something similar, he suggests…

“Until those dynamics change, it will be hard for top business schools to resume their traditional -- and vital -- role as training grounds for the next generation of corporate leaders.”